Socially Responsible Funds Gain in Popularity

As scandals on Wall Street continue to frighten investors, so-called socially responsible investment funds are becoming more popular, according to data provided by fund researcher Lipper of New York.

This year alone, investors have socked $650 million into the funds, which are known to screen companies based on social factors, such as racial diversity, environmental impact and accountability to investors. By comparison, the products suffered outflows of $5 million during all of 2001, Lipper said.